Data released by Deloitte Center for Financial Services
suggests approximately one-third of millionaires do not use
professionals to manage their money. Why are the wealthy avoiding
advisers? Many believe they can do a better job on their
own. Sean Cunniff, investment management research leader for
Deloitte, believes some investors may have their head in the sand
when it comes to preparing for retirement, but there is
a “portion of the population that was extremely well off —
high income, high asset. Those people don’t have to have a plan
if they’ve got a lot of wealth; they’re probably going to be OK.”

The US Department of Labor has finished drafting changes to
overtime pay rules, and will soon seek public opinion on the
matter. Currently, anyone making more than $455 per week is
ineligible to earn overtime pay, but that may change if President
Obama gets his way. Labor Secretary Tom Perez noted, "The
rules governing who is eligible for overtime have eroded over the
years." He continued, "In the near future, the public will have
an opportunity to weigh in and help us craft a final rule."

FutureAdvisor announced it will offer free 529 college plans in
an effort to lure new clients. The announcement makes
FutureAdvisor the first robo-adviser to enter the college
planning space, and is part of the company's strategy to entice
younger clients. According to Investment News, "Investors looking
to begin college savings accounts will answer a set of questions
from the robo-adviser, including how old the child is and what
kind of education the parent would like to save for," and also
prepares parents in the event their child does not go to
school.

Just because athletes and celebrities earn more money than the
average person doesn't mean they are investing it properly. Often
times famous people go broke or end up a victim of a scam. So how
can they protect their wealth? According to Forbes, celebrities
and athletes should "Know who you can trust (and who you can’t),"
"make it last" and remember "it’s only what’s left after taxes
that counts."

Many advisers have trouble attracting high-net-worth clients.
What can you do to increase your chances of catching a
whale? Gail Graham, the chief marketing officer at United
Capital, says, "You have to show that you are the
quarterback," and have the ability to provide a wide variety of
services. When a clients signs up, you should never ask for all
of their assets at once. Instead, gain your new clients trust and
slowly move their assets over time.